Best Banks, Apps, And Accounts To Have Emergency Funds On

If you have been working on an emergency fund, congratulations! You have crossed one of the initial steps into becoming a financially responsible person. There is still no doubt that building up an emergency fund can be a tedious task, especially if you constantly have it in front of you, and you can use it to fund your next vacation or a very expensive handbag.


Naturally, you should make it a point to stash your emergency fund somewhere it is secure, easily accessible, advantageous, and all of that without being easily spendable on a whim. If this dilemma resonates with you, we have curated a list of places you can stash your emergency fund and earn a few extra greens on top of it.


Savings Accounts


Stashing your emergency fund in a high-yield savings account is one of the best things you can do for yourself. Except all high-yield savings accounts are found in online banks, so you will have to be well-versed in how online banking procedures function. Make sure you read all the fine print regarding the perks and rewards the account offers, along with the interest rates.


Certificates Of Deposit


Certificates of deposit (CD) give you a hefty interest rate when they mature. They do take around 12 months to mature.


Naturally, this is the biggest concern with the CDs if you want to use one for an emergency fund since you don’t know if your emergency can wait for 12 months! You can gain access to the funds earlier than the maturation period, so you will have the money in hand if you need it.


US Treasury Bills


The US treasury bills are short debts issued by the government and are a very safe option to store your emergency fund. The bills come in small denominations as well as larger ones, starting with only $100, and you can redeem them within a set number of weeks, from 4-52.


Traditional Banks


Traditional bank accounts are also a viable option for your emergency savings. They will not be giving you as high a yield as online banks with their high-yield savings accounts.


The main advantage to having your fund in a traditional bank is that you will have easy access to your money whenever it is needed. The interest rate is next to nothing for these accounts, but it is still a viable preference.


IRA Accounts


If you are closing in on your retirement years, a Roth IRA account will be a better investment tool for your emergency funds than other savings accounts. You can withdraw your funds tax-free as well. There is, however, a penalty you have to pay for early withdrawal if it comes to that.




Your emergency fund belongs in a secure place where it is easily accessible as well. It always helps to carefully choose where to stash your emergency fund to avoid any mishaps in the future.